MIRA
INFORM REPORT
|
Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
VULKAN TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Gat No399, Plot No 6, Village Bhare, Pirangut Industrial Area, Taluka Mulshi,
Pune – 412111, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.06.2001 |
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Com. Reg. No.: |
11-016233 |
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Capital
Investment/ Paid-up Capital: |
Rs. 49.776 Millions |
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|
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CIN No.: [Company Identification
No.] |
U29299PN2001PTC016233 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEV04078E |
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PAN No.: [Permanent Account No.] |
AABCV2508E |
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Legal Form : |
Private Limited Liability Company |
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Manufacturing
and Marketing of Coupling /Castings, Rubber Elements and Lokrings. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 1800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record. Financially
company performance seems to be good. Performance capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Gat No.399, Gala No 6, Village Bhare, Pirangut Industrial Area, Taluka
Mulshi, Pune – 412111, Maharashtra, India |
|
Tel. No.: |
91-20-66765531 |
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Fax No.: |
91-20-66765551 |
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E-Mail : |
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Website : |
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Factory : |
Gat No. 539 - B, Village Kasar Amboli, Urawade Road, Pirangut
Industrial Area, Tal. Mulshi, Pune – 412115, Maharashtra, India |
|
Tel No: |
91-20-66765530 / 32 / 34 |
|
Fax No.: |
91-20-66765551 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Rajesh Krishnakumar Mishra |
|
Designation : |
Managing Director |
|
Address : |
A-8,201,Ganga Satelite, Wanowarie, Pune – 411040, Maharashtra, India |
|
Date of Birth/Age : |
01.08.1961 |
|
Date of Appointment : |
12.06.2001 |
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DIN No: |
00216370 |
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|
Name : |
Mr. Prashant Girjashankar Patel |
|
Designation : |
Director |
|
Address : |
A-8,302,Ganga Satelite, Wanowarie, Pune – 411040, Maharashtra, India |
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Date of Birth/Age : |
12.10.1966 |
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Date of Appointment : |
31.01.2002 |
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DIN No: |
00218103 |
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Name : |
Mr. Bernd Email Hackforth |
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Designation : |
Director |
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Address : |
Langester 223, 44627, Herne – 44627, Germany |
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Date of Birth/Age : |
13.03.1949 |
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Date of Appointment : |
10.08.2001 |
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DIN No: |
00242144 |
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|
|
|
Name : |
Mr. Andreas Boehme |
|
Designation : |
Director |
|
Address : |
Rahden Kleinendorf , IM Westerfeld 18, Rahden Kleinendorf – 32369,
Germany |
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Date of Birth/Age : |
10.06.1954 |
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Date of Appointment : |
12.06.2009 |
|
DIN No: |
02616871 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Rajesh Krishnakumar Mishra |
5000 |
|
Hackforth GMBH, Germany |
4972610 |
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TOTAL
|
4977610 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.90 |
|
Directors or relatives of Directors |
0.10 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Coupling /Castings, Rubber Elements and
Lokrings. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Product |
31.03.2012 |
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Licensed
Capacity |
Nos. |
Highly Flexible
Coupling |
200,000 / Annum |
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|
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Tube connectors |
30,000,000 /
Annum |
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|
|
|
|
|
Installed
Capacity |
Nos. |
Highly Flexible
Coupling |
200,000 / Annum |
|
|
|
Tube connectors |
30,000,000 /
Annum |
|
|
|
|
|
|
Actual
Production |
Nos. |
Highly Flexible
Coupling Parts |
58,839 |
|
|
|
Tube
connectors/spares |
36,578,090 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uday B. Gujar and Company Chartered Accountants |
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Address : |
Swojas Gulmohar, 3, Shantisheela Society, Film Institute Road, Pune –
411004, Maharashtra, India |
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PAN No.: |
ABMPG3737F |
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Holding Company : |
Hackforth Holding GmbH and Company.KG |
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Fellow Subsidiaries : |
·
American Vulkan Corporation
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CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4977610 |
Equity Shares |
Rs.10/- each |
Rs. 49.776
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.776 |
49.776 |
49.776 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
424.673 |
293.991 |
168.046 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
474.449 |
343.767 |
217.822 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
1.338 |
0.954 |
7.650 |
|
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2] Unsecured Loans |
0.348 |
0.050 |
0.000 |
|
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TOTAL BORROWING |
1.686 |
1.004 |
7.650 |
|
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DEFERRED TAX LIABILITIES |
0.171 |
0.000 |
0.710 |
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|
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TOTAL |
476.306 |
344.771 |
226.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
213.262 |
132.898 |
112.078 |
|
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Capital work-in-progress |
0.218 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
86.625 |
42.972 |
44.859 |
|
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DEFERREX TAX ASSETS |
0.000 |
1.292 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.547
|
60.900
|
38.190 |
|
|
Sundry Debtors |
104.597
|
75.477
|
49.082 |
|
|
Cash & Bank Balances |
92.297
|
81.104
|
42.298 |
|
|
Other Current Assets |
0.000
|
0.000
|
47.813 |
|
|
Loans & Advances |
17.454
|
13.921
|
7.339 |
|
Total
Current Assets |
269.895
|
231.402 |
184.722 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.053
|
44.205
|
55.490 |
|
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Other Current Liabilities |
4.991
|
4.391
|
1.323 |
|
|
Provisions |
33.650
|
15.197
|
58.752
|
|
Total
Current Liabilities |
93.694
|
63.793 |
115.565 |
|
|
Net Current Assets |
176.201
|
167.609
|
69.157 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.088 |
|
|
|
|
|
|
|
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TOTAL |
476.306 |
344.771 |
226.182 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
718.717 |
|
|
|
|
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Other Income |
NA |
|
|
|
|
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TOTAL |
NA |
535.703 |
315.662 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
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Administrative Expenses |
|
|
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|
Advertising Expenses |
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|
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TOTAL |
NA |
375.259 |
234.190 |
|
|
|
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|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
160.444 |
81.472 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
34.499 |
25.553 |
|
|
|
|
|
|
|
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|
|
PROFIT / (LOSS)
AFTER TAX |
130.682 |
125.945 |
55.919 |
|
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|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
293.991 |
168.046 |
112.127 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
424.673 |
293.991 |
168.046 |
|
|
|
|
|
|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
315.192 |
220.596 |
107.451 |
|
|
TOTAL EARNINGS |
315.192 |
220.596 |
107.451 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Component / Finished Goods |
60.956 |
20.432 |
8.138 |
|
|
|
Capital Goods |
4.557 |
7.764 |
2.350 |
|
|
TOTAL IMPORTS |
65.513 |
28.196 |
10.488 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.25 |
25.30 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
23.51 |
17.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
43.89 |
27.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.47 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.88
|
3.63 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Short Term
Borrowings |
|
|
|
Security Deposits |
0.348 |
0.050 |
|
|
|
|
|
TOTAL |
0.348 |
0.050 |
OPERATIONAL REVIEW
The company is a subsidiary of Hackforth GmbH, Germany.
Recently the company has altered the main object in the memorandum of association
with a view to expand the scope of its existing business operations. The
company has also adopted new set of articles of association.
The company has acquired land for the purpose of expansion. The
construction of new unit is in the process of completion.
The sales for the year have shown considerable rise. The profits have
also increased remarkably. The board is hopeful of maintain the upward
trendinth current year as well.
FIXED ASSETS
·
Motor Vehicle
·
Computer
·
Furniture and Fixture
·
Office Equipment
·
Testing and Measuring Instruments
·
Tools
·
Mould Pattern and Dies
·
Plant and Machinery
·
Software
·
Land
·
Factory Building
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.32 |
|
|
1 |
Rs. 83.17 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
59 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.